TEMPE, AZ-Magellan Real Estate pulls the plug on a $47-million apartment project in a buy-out offer by the Arizona Cardinals. Some local real estate experts say the developer could be getting as much as $12 million to drop out of the game.

TEMPE, AZ-Logistics and freight company, CSI Crown, has signed for 27,000 sf in an interim lease until its 36,400-sf spot is ready at Sky Harbor Transit Center. The interim space is situated at 725 W. Alameda Dr. in Tempe.

SCOTTSDALE, AZ-By year's end, Houston-based Hines will be coming out of the ground on the 100,000-sf first phase of a 300,000-sf office project in north Scottsdale. Regus Business Centers will have the keys when the building's done in late 2002.

SCOTTSDALE, AZ-UNUM Life Insurance Co. has earned nearly $3 million in selling a 113,900-sf office-industrial property after six years of ownership. Camidor Property Services pays more than $12 million in its first Valley acquisition.

CHANDLER, AZ-Tempe investor Dick Berry has bought the 42-unit Tuscany at Chandler Apartments from another Tempe investor, Sean O'Carroll. The complex is located in a Phoenix suburb, with higher rent and vacancy than the rest of the Valley.

PHOENIX-Fairfield Residential has sold another apartment community, snagging $19 million for the 240-unit Riverwalk Apartments. Buyer Pace Management of Illinois marks its first buy and is looking for more opportunities in the Valley.

PHOENIX-Van Vliet Real Estate Cos. of Eden Prairie, MN has closed on its second Valley buy in nine months. For $8 million, the firm holds the deed to the 169-unit Arcadia Villa Apartments in Phoenix's Uptown.

PHOENIX-The latest Cushman & Wakefield of Arizona report pegs office vacancy at 17.6%, up 4.5% from six months ago. By the fourth quarter close, most of the space will be absorbed, predict the experts in the region.